November 9, 2010 / 12:27 PM / 9 years ago

Teva Pharm to raise stake in Mediwound to 51 pct

* Teva Pharm to raise stake in Mediwound to 51 pct

* Mediwound to acquire all of Polyheal for $200 mln

* Teva to market Polyheal’s wound-healing products

TEL AVIV, Nov 9 (Reuters) - Israel-based Teva Pharmaceutical Industries (TEVA.TA) will pay $163 million to raise its stake in Mediwound to 51 percent to gain access to wound-healing products.

Mediwound has agreed with Polyheal to cooperate in developing new products to heal wounds, Clal Biotechnology Industries (CBI.TA), the parent company of both Mediwound and Polyheal said on Tuesday.

Clal Biotech, which owns 55 percent of Mediwound and 41 percent of Polyheal, said Mediwound would acquire in stages all of Polyheal for $200 million.

In addition Teva, the world’s biggest generic drugmaker, will pay Mediwound $167 million plus royalties for exclusive rights to market Polyheal’s products. Mediwound, in which Teva holds 12 percent, will be responsible for the production and administration of Polyheal’s products.

Polyheal has developed a technology for treating hard to heal wounds such as pressure ulcers, diabetic ulcers, burns, trauma wounds and surgical wounds. The global market for such drugs is estimated at $9 billion a year.

Once all stages of the deal are complete Clal Biotech will hold 29 percent of Mediwound, which will own all of Polyheal.

Shares in Clal Biotech, an investment company in the life sciences, were up 2.4 percent in afternoon trade in Tel Aviv. (Reporting by Tova Cohen; Editing by Greg Mahlich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below